An important stylized fact of economic growth is that the rate of return to capital is relatively constant across countries and time. This paper gives an explanation for this using a model of growth in a developing economy that has dualistic structure. Three conditions are derivedm each of which...

It is argued that size distortions and power properties of likelihood based tests for cointegration are so poor in many small sample situstions that alternative are necessary for analysing typical macroeconomic relationships.

Alfred Chandler has advanced the notion that afetr the First World War successful diversifying concerns shifted from centralised ("U" form) management structures to multi-divisional ("M" form) product-based organisation. Precisely the opposite occured in the retail sector, where the rate of...

Technical progress in matching models of the labour market has received serious attention. This paper examines the impact of the results of these models when an attemp is made to allow time to enter in a realistic fashion. Also, different parametric representations of the matching technology are...